Emergency patches have been released for Chromium-based browsers including Google Chrome and Microsoft Edge. The patches fix a High severity vulnerability.
CVE-2022-1096: Type Confusion in V8 is an issue with the JavaScript and WebAssembly engine in the Desktop browser. The issue is known to be exploited in the wild.
Google announced the vulnerability in Chrome on 23/3/22 and released a Stable Channel Update on 25/3/22.
Microsoft released an emergency hotfix for Edge on 26/3/22.
The full details of the impact of exploitation have yet to be released however this information is expected to come after most users have updated their browsers. We can make assumptions that the impact is likely to be along the lines of sandbox escape and arbitrary (JavaScript) code execution.